HP Tumbles Following Revenue Miss and Deeper Job Cuts

Shares of Hewlett-Packard tumbled late Thursday making it TheStreet's Move of the Day. The technology company known by many consumers for its printers and computers unexpectedly released its fiscal second quarter earnings early, reporting a profit of $0.88 a share on $27.42 billion in revenue. Profit came in line with Wall Street projections, but revenue fell short. Investors punished the stock as HP said it would eliminate 11,000 to 16,000 more jobs than the 34,000 it previously anticipated. Without speaking to the job cuts, CEO Meg Whitman said in a statement: "We're gradually shaping HP into a more nimble, lower-cost, more customer- and partner-centric company that can successfully compete across a rapidly changing IT landscape."